Weavetech Engineers Ltd, under the leadership of Mr. Chintan Thumar, made a significant first-time appearance at the ITM 2024 exhibition held in Istanbul. The company’s focus on yarn preparatory machinery and their strategic shift towards international markets were key themes of the event.
Entering New Markets
“This is the first time we are presenting at ITM,” shared Mr. Chintan Thumar. “Until now, we were primarily focused on the yarn commodities segment. However, Weavetech’s recent advancement into High-Value yarns over the past few years has generated strong inquiries from CIS countries and the Middle East. So, ITM was a natural choice as, globally, Turkey is known for High-Value Yarns & Fabrics. ITM provided us an opportunity to enter and gauge the response.”
Despite a lower visitor count, the company met its primary goal. “Our focus was on creating awareness of Indian technologies for high-value yarns & fabrics through educating representatives and agents across these countries rather than immediate business. On that front, we are quite satisfied.”
Innovative Product Range
Weavetech specializes in yarn preparatory machinery, offering a diverse range that stands out globally. “In the last few years, we have developed a product basket for twisting, winding, covering, cabling, sizing, coating & fancy yarns totally focused on helping Weavers get a competitive advantage over the general competition” explained Mr. Thumar.
The exhibition in Istanbul showcased the company’s emphasis on creative yarns & fabrics. “We are mainly focusing on fancy yarns, which countries like Turkey and Iran are renowned for. Additionally, we’ve launched innovative technologies such as electric sizing, which operates fully on electricity rather than gas or coal. This is particularly significant as European countries increasingly prioritize sustainability.”
Sustainable Development Philosophy
Weavetechs’ development philosophy revolves around offering value. “Our focus is on performance, pricing, and output. We ensure that the delta on all three is viable for investors,” Mr. Thumar emphasized. “Rather than solely focusing on the latest technologies, we emphasize sustainable technologies that provide better returns to investors.”
The company’s approach is tailored to address local challenges. “We primarily focus on South Asian markets, where the problems differ from those in Europe and Japan. Our developments aim to solve local issues, such as energy savings over labor savings. In India, for instance, energy costs are higher than labor costs, so our solutions are designed to address this.”
Export and Domestic Market Balance
Weavetech Engineers has a balanced focus on domestic and export markets. “Currently, about 70-75% of our sales are domestic, while 25-30% are from export markets. We mainly export to countries with conditions similar to India, such as Bangladesh, Indonesia, and Brazil,” Mr. Thumar noted.
Policy and Industry Perspectives
Reflecting on the government’s focus on technical textiles, Mr. Thumar shared his observations. “The government’s current focus on technical textiles is excellent, but policies need to support free flow of raw materials, people, and technology across borders. Any hurdles in imports or exports can slow down development.”
He added, “The government should promote Indian products but not through outright bans. Instead, imposing additional duties could be more effective. Banning hampers new product development and slows down industry progress.”
Future Focus
Weavetech remains committed to growing the Indian product basket and addressing policy challenges. “The Indian government aims to make textile machinery a champion industry. However, policies like the 0% duty on loom imports contradict these goals as it discourages any investment for local manufacturing, effectively increasing our dependency on imported technologies indirectly leading to huge forex loses for the country.”
In conclusion, Weavetech Engineers’ debut at ITM 2024 marks a significant step towards expanding their international presence while maintaining a strong focus on innovation and sustainability. Under Mr. Chintan Thumar’s leadership, the company is poised to address local and global challenges, driving growth and development in the textile machinery industry.
